Target: Rs 16
Rationale: We have seen long positions being built in Motherson Sumi futures on 8th March, where we have seen rise of more than 4% in open interest with price rise of 2%.
Positive divergence is observed on the daily charts, where price making lower bottoms and RSI oscillator making higher bottoms, indicating probable bullish reversal.
Stock price found support around weekly historical multiple bottoms placed around 300.
Momentum indicator MACD has shown positive crossover on the short term charts
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.